The combined market share of Apple, Samsung and Google will reach 60% of global mobile contactless users by 2023, up from an estimated 50% in 2018, according to the report. Other OEM Pay users, including Huawei Pay, Xiaomi Pay, Fitbit Pay and Garmin Pay, will exceed 20 million by 2020.

In addition, the research found that contactless payment transactions, conducted across all types of payment cards, mobile and wearable devices, would reach USD 1 trillion in value in 2018, a year earlier than previously anticipated by Juniper Research.